Gas Prices are Down, So Why Aren’t We Spending?
-because everything else is expensive. Recent reports have shown that the price of oil has dropped to around $70 a barrel, dropping 53% from July of 2008 when it was a record $147 a barrel. This is, by far, the lowest it has been in 14 months, so then why aren’t we hitting the gas stations in droves to top off our cars before packing the kids and the car for a good ol’ cross country adventure? Because Americans don’t have that sort of cash laying around.
Just because gasoline prices have fallen doesn’t mean that we are all of a sudden going to start driving more. As we all know, the economy is suffering. People are losing jobs left and right and unemployment is on the rise. People are losing tons of money in the stock market while others are having their homes foreclosed on. In the meantime, the price of food, living expenses and healthcare continue to increase. That being said, we need to start saving where we can and when we can.
Is nothing stable anymore? On the national level, gasoline prices have fallen 33 percent in a single week, which is one of the largest drops ever. And over the course of the past four weeks, prices have dropped to around 68 cents a gallon. But still, more Americans are opting to work from home and making what we can only hope are smarter choices when it comes to reaching into their pockets.



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